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$38 billion merger: Pipeline giants strike deal

The Williams Cos. agreed to a sale to Energy Transfer Equity three months after rejecting a bid.

Oil and gas pipeline firm Energy Transfer Equity reached a deal to acquire another pipeline giant, The Williams Companies, in a transaction valued at $37.7 billion including debt.

The deal comes about three months after Tulsa, Okla-based The Williams Cos. rejected an unsolicited takeover attempt by Energy Transfer Equity, which had offered $53.1 billion to acquire the company.

At the...